Pacific Investment Management Company LLC is the winning bidder on a pool of 3,130 reperforming mortgage loans (RPLs) totaling $558,713,266 in unpaid principal balance (UPB) recently auctioned by Fannie Mae.
Fannie Mae’s 34th reperforming loan sale transaction, announced on March 4, 2025, was marketed with Citigroup Global Markets Inc. as advisor and is expected to close by April 23.
The average loan size of the pool is $178,503; the weighted average note rate is 3.82%; and the weighted average broker’s price opinion (BPO) loan-to-value ratio is 46%.
The cover bid, which is the second highest bid for the pool, was 84.66% of UPB (31.25% of BPO).
Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The terms of Fannie Mae’s reperforming loan sale require the buyer to offer loss mitigation options to any borrower who may re-default within five years following the closing of the reperforming loan sale.
Photo: Eskay Lim
